, 1887-12-07
is Remarkable for Brevity aud
It's Single Idea.
Tariff and Revenue the Only
Subjects Discussed.
Gloomy Picture Ofa Threatened
Financial Crisis.

To'rHE CONGRESS OF THE UNITED STATES -
You are confronted at the Threshold o
your legislative duties with condition u
the national finances which imperativey
demands immediate and careful consider
ton. The amount of money annual
received through the operation of the pres
ent laws, from the industries aud necessi
ties of the people. largely exceeds the sun
necessary to meet the expenses Of the gov
erument. When we consider that the
theory OF our institutions guarantees &c
every citizen the full endowment of ths
fruits of his industry and enterprise, will
only such deduction rs may be his share
towards the careful and economical main
tenance of the government which protects
him, ii is plain that the exaction of more
than this Is indefensibe and culpable be-
thrayal of fairness and justice. This wrong
inflicted upon those who bear the burden
of national taxation, like other wrongs,
multiply n brood of evil consequences.
The public treasury, which should only ex-
istas conduct conveying the peoples trib-
ute to its legitimate objects of expenditure,
money needlessly withdrawn from
trade and the peoples use, thus crippl'
ing our national energies, usurping our
country's development, preventing invest
nent in productive enterprises, threatening
financial disturbance and inviting schemes
Oh DuDllC DlunutT. IulS VI our
treasury Is not altogether new and II has
more than once of late been submitted to
the peoples representatives in congress,
who alone can supply q remedy. And yet
the situation still continues with aggravated
incidents, more than ever presaging financi-
al convulsion and widespread disaster. 1t
will not do to neglect this situation be-
cause its dangers are not now palpably i'm
niinent and apparent. They exist monet the
less certainly and the unforeseen and urex-
pected occasion when suddenly they will be
precipitated upon us.
FAT SURPLUS
on the 3oth day OF June, 1855, the excess
of revenue over public expenditures, after
complying with the annual requirements of
the sinking fund act, was S17,S50, 735. 81;
during the year ended June 80, 1856 such
excess amounted to $40 i05, sos 20, and dHr-
ing the year ended June 30 1887,
IL reached the sum of sos 567, $40 5i
The annual contribution to the sinking
fund, during the three years above speci-
fed, amounted in the aggregate to Sl3S,-
05S, ,320.04, and deductions from the sur
plus Us asked were made by calling in for
that purpose outstanding three per cent
bonds of the government. During the six
months prior TO June 80, 1887 the surplus
revenue had grown so large by repeated ac.
cunuiations that it was feared the with
drawal OF this great sum of money needed
by the people would so affect the business
of the country that the sum ol Sos 100
OF such surplus was applied to the pay
ment OF the principal and interest OF the
three per cent. bonds still outstanding,
and which were payable ut the option Of
the government. The precarious condition
of financial affairs among the people still
needing relet immediately after the Both
day Of June, 1883, the remainder of the
three per cent. bonds, then outstanding,
with principal and interest, to the sum of
SIS, S77, 500, were called in and applied to
the sinking fund contribution for the cur
rent year. Notwithstanding these
operations of the treasury department
of distress is business cir
Giles not only continued but increased and
absolute peril seemed at hand. In these
the contribution to the
sinking fluid for the current fiscal year was
at once completed by the expenditure of
S27, 6S4, 2s3 SIS in the purchase Of govern.
iuent bonds, not yet due bearing four aud
forr and one-hsli yer cent interest, the
preHium paid thereon averaging about
twenty-fou per cent Tor the form
er and eight per cent for the
latter. In addition to this the in
ter,st account occruing during the current
year upon the outstanding bonded iudcbt-
eduess of the government was to some eN-
tent anticipated, and banks selected n de.
positories OF public money were permitted
To somewhat increase their deposits. While
Int tAIItultuIs JullS w ttlttSt w
the people the money lying in the treasury
served to
AVERT IMMEDIATE DANGER,
our surplus revenues have continued to
accumulate, the excess for the present year.
amounting on the first day of December TO
500, 25S S7I.l9. and estimated to reach the
sum of 81 IL, 900 900 on the Both OF June
next, at which date IL is expected that
this sum, added to prior ACCOMMODATIONS,
will swell the surplus in the treasury to
81 40. 100000. There seems to be no assur-
ance that with such II withdrawal from use
of peoples circulating medium our business
may not in the near future he
subjected to the same distress which was
quite lately prod uced from the saiue cause,
and while the functions OF our national
should be few and simple, and
W lie its best condition would be reached,
i believe, by its entire disconnection with
private business interests, yet when, by
a perversion of its purposes, 1t IDLY holds
money uselessly subtracted from the chan
nels OF trade there seems to be reason Tor
ne claims that legitimate means should be
devised by the government TO restore III an
without waste or extravaganza
such money tn its place among the people.
If such an emergency now exists therc ~ no
clear and uudoubted executive power ot re-
lief Heretofore the redemption OF the three
per cents only, which were payable AT the
option of the government, has Afforded
means for the disbursement OF the ex-
ress of our revenues; but these
bonds have all been retired
md there arc in bonds outstanding, the
OF which we have the right to in
list upon. The contribution TO the sink
ng fund, which furnishes the occasion for
in the purchase OF bonds, has
,een already made for the current year, so
here is Ho outlet in that direction. In the
resent state OF legislation the only pre-
ense of any existing executive power to re-
tore at this time any part OF our surplus
ovenues to the people by its expenditure
onsists in the supposition that the seGre
nd purchase the bonds of the government
OF vet due, at rate of premium TO be
greed upon.
THE ONLY PROVISION OF LAW
rom which such power could be derived,
found in an appropriation bill passed n
lmber of years ago and II IL suplect 10
a. q. inf h.lI "A.